The first app to come out of Kevin Rose’s newly founded app development company Milk has hit the iTunes App Store for free. The app is called Oink and is available for both the iPhone and iPad and allows you to ‘rate and rank things around you’. The app takes a Foursquare check-in approach, but focuses on ranking a product inside of a business rather than checking into the actual business.

Oink has a social aspect to it allowing you to build “cred” as you check-in more. Your check-ins are sent out to all of your Twitter, Facebook, and Foursquare friends.

What’s really cool about the app is that it will help users find not only the best places in town, but the best items in the places. Oink gives you the ability to rank those items. We’re checking it out right now. (via TechCrunch)